NYS Economy Adds 18,700 Private Sector Jobs in February 2016, Reaches New Record High

Unemployment Rate at Lowest Level in More than Eight Years

Albany, NY (March 24, 2016) -

In February 2016, New York State’s private sector job count increased by 18,700, or 0.2%, to 7,884,000, a new record high, according to preliminary figures released today by the New York State Department of Labor. Since the beginning of Governor Andrew M. Cuomo’s administration, New York State’s economy has added 789,700 private sector jobs and experienced employment growth in 54 of the past 62 months.

The statewide unemployment rate decreased from 4.9% in January to 4.8% in February 2016, slipping below the nation’s rate of 4.9% in February 2016. New York’s unemployment rate is now at its lowest level since November 2007.

The State’s private sector job count is based on a payroll survey of 18,000 New York employers conducted by the U.S. Department of Labor’s Bureau of Labor Statistics. Monthly payroll employment estimates are preliminary and subject to revision as more data becomes available the following month. The federal government calculates New York State’s unemployment rate based partly upon the results of the Current Population Survey, which contacts approximately 3,100 households in New York State each month.

“The State’s labor market continued to strengthen in February 2016. Not only did New York State’s private sector job count reach a new record high, but our unemployment rate reached its lowest level in more than eight years and is now below the comparable U.S. rate,” said Bohdan M. Wynnyk, Deputy Director of the Division of Research and Statistics.

Note: Seasonally adjusted data are used to provide the most valid month-to-month comparison. Non-seasonally adjusted data are valuable in year-to-year comparisons of the same month; for example, February 2015 versus February 2016.

U.S. and New York State: January - February 2016

1) Jobs data (seasonally adjusted):

The table below compares the over-the-month change in total nonfarm and private sector jobs in the United States and New York State in January-February 2016.

Change in Total Nonfarm and Private Sector JobsJanuary – February 2016

Change in
Total Nonfarm Jobs:
(private sector + government)

Change in
Private Sector Jobs:

Net

%

Net

%

United States

+242,000

+0.2%

+230,000

+0.2%

New York State

+25,100

+0.3%

+18,700

+0.2%

2) Unemployment rates (seasonally adjusted):

The State’s unemployment rate is calculated by the U.S. Bureau of Labor Statistics, using a statistical regression model that primarily uses the results of the Current Population Survey, which contacts approximately 3,100 households in New York State each month. In January-February 2016, the statewide unemployment rate decreased from 4.9% to 4.8%. The number of unemployed New Yorkers decreased from 479,300 in January to 472,600 in February 2016.

Unemployment Rates (%)*

*Data are preliminary and subject to change, based on standard procedures outlined by the U.S. Bureau of Labor Statistics.

February 2016*

January 2016

February 2015

United States

4.9

4.9

5.5

New York State

4.8

4.9

5.7

New York City

5.4

5.3

6.3

NYS, outside NYC

4.4

4.6

5.2

U.S., New York State and Metro Areas: February 2015 - February 2016

1) Jobs data (not seasonally adjusted):

The table that follows compares the over-the-year change in total nonfarm and private sector jobs that occurred in the United States, New York State and metro areas within the State between February 2015 and February 2016.

Change in Total Nonfarm and Private Sector Jobs
February 2015 – February 2016

Change in
Total Nonfarm Jobs:
(private sector + government)

Change in
Private Sector Jobs:

Net

%

Net

%

*Due to a reporting error, BLS has advised that they will revise upward the February job estimates for the Albany-Schenectady-Troy metro area. These revised February estimates will be released on April 14, 2016.

United States

+2,662,000

+1.9%

+2,594,000

+2.2%

New York State

+130,500

+1.4%

+122,700

+1.6%

Albany-Schenectady-Troy*

-2,000

-0.4%*

-1,500

-0.4%*

Binghamton

+100

+0.1%

+400

+0.5%

Buffalo-Niagara Falls

+4,900

+0.9%

+4,100

+0.9%

Dutchess-Putnam

+2,900

+2.1%

+2,600

+2.3%

Elmira

-200

-0.5%

-200

-0.6%

Glens Falls

+500

+1.0%

+300

+0.7%

Ithaca

+1,300

+1.8%

+1,400

+2.2%

Kingston

+1,200

+2.0%

+1,700

+3.8%

Nassau-Suffolk

+15,300

+1.2%

+11,600

+1.1%

New York City

+108,400

+2.6%

+104,300

+2.9%

Orange-Rockland-Westchester

+16,300

+2.4%

+14,700

+2.6%

Rochester

-4,700

-0.9%

-4,400

-1.0%

Syracuse

+300

+0.1%

+100

0.0%

Utica-Rome

+1,300

+1.1%

+1,100

+1.2%

Watertown-Fort Drum

+1,100

+2.7%

+1,300

+4.6%

Non-metro Counties

+2,300

+0.5%

+2,400

+0.6%

Job highlights since February 2015:

Over the past year, private sector jobs grew most rapidly in these metro areas in New York State:

Watertown-Fort Drum (+4.6%)

Kingston (+3.8%)

New York City (+2.9%)

Orange-Rockland-Westchester (+2.6%)

Dutchess-Putnam (+2.3%)

Ithaca (+2.2%)

Between February 2015 and February 2016, three metropolitan areas in the state -- Rochester (-1.0%), Elmira (-0.6%) and Albany-Schenectady-Troy (-0.4%) -- lost private sector jobs.

Change in jobs by major industry sector: February 2015 – February 2016

1) Jobs data (not seasonally adjusted):

The table below compares the over-the-year change in jobs by major industry sector in New York State occurring between February 2015 and February 2016.

Change in Jobs by Major Industry Sector
February 2015 – February 2016

*Educational and health services is in the private sector.
Government includes public education and public health services.

Sectors With Job Gains:

Educational & Health Services*

+38,400

Professional & Business Services

+23,700

Leisure & Hospitality

+15,600

Construction

+14,600

Other Services

+9,400

Trade, Transportation & Utilities

+8,200

Government*

+7,800

Financial Activities

+5,700

Information

+5,500

Manufacturing

+1,800

Sectors With Job Losses:

Natural Resources & Mining

-200

Highlights among NYS sectors with job gains since February 2015:

Private educational and health services added the most jobs (+38,400) of any major industry sector over the past year. Sector job gains were mostly in health care and social assistance (+42,200), especially ambulatory health care services (+20,000).

The second largest employment increase over the past year occurred in professional and business services (+23,700), with sector gains centered in professional, scientific and technical services (+17,700) and administrative and support services (+7,000).

Leisure and hospitality had the third largest increase in jobs (+15,600) between February 2015 and February 2016. Over the past year, sector job gains were mostly in accommodation and food services (+20,900), especially food services and drinking places (+21,100).

Highlights among NYS sectors with job losses since February 2015:

Over the past 12 months, natural resources and mining was the only major industry sector that lost jobs (-200).

Unemployment Insurance Benefits: February 2016

1) Regular Unemployment Insurance (UI):

For New York State, during the week that included February 12, 2016, there were 164,275 people (including 151,327 who live in the State) who received benefits under the regular Unemployment Insurance (UI) program.

New York State residents who received Unemployment Insurance benefits made up 32% of the total unemployed in the State in February 2016.

Note: The responsibility for the production of monthly estimates of state and metro area nonfarm employment by industry moved from the Division of Research and Statistics to the U.S. Bureau of Labor Statistics (BLS), starting with the March 2011 estimates. More detailed information on the change is available on the BLS web site.

Many economic data series have a seasonal pattern, which means they tend to occur at the same time each year (e.g., retail jobs usually increase in December). Seasonal adjustment is the process of removing seasonal effects from a data series. This is done to simplify the data so that they may be more easily interpreted and help to reveal true underlying trends. Seasonal adjustment permits comparisons of data from one month to data from any other month.

Labor force statistics, including the unemployment rate, for New York and every other state are based on statistical regression models specified by the U. S. Bureau of Labor Statistics. In New York State, payroll jobs data by industry come from a monthly survey of 18,000 business establishments. Jobs data by industry do not include agricultural workers, the self-employed, unpaid family workers or domestic workers in private households.